GBPUSD edges toward trendline, upside looks capped
#GBPUSD extends its recovery from three-week lows above 1.3370 – can it clear the heavy SMA cluster overhead?
XM Group
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92 days ago
Overview: GBPUSD is extending a rebound from three-week lows, testing the short-term ascending trendline near 1.3365. For now, risks remain skewed to the downside as long as the 1.3500 resistance caps any recovery attempts.
Momentum: Both the MACD and RSI remain in negative territory, warranting caution. While downside risks appear contained for now, upside follow-through lacks conviction.
Bullish scenario: A break above 1.3385 may push the pair toward 1.3430 (38.2% Fibo), clearing the 20- and 200-day SMAs, before targeting 1.3500. A sustained break above the latter would signal a resumption of the broader uptrend.
Risk: A sustained move below 1.3300 would undermine the recovery attempt and tilt the bias back to bearish.
XM Group
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